How can I get off a deed that was put in my & 2 sisters names this past April?

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How can I get off a deed that was put in my & 2 sisters names this past April?

Parents transferred summer home to me & 2 sisters. I do not want to be involved, no benefit to me, just a financial burden, I don’t want to have the gift implications if I sign out for a $1. Nor do they have the $ to buy me out. Can an addendum be filed, to take my name off?

Asked on June 2, 2009 under Real Estate Law, New York

Answers:

S.J.H., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If you and your sisters are willing you can do a deed transfer wherein you sign over the house to the two of them. There can be a separate agreement written wherein you waive your right to the house in exchange for a waiver from your sisters towards you being resoponsible for your share of any carrying charges regarding the house.  This would in all likelihood free you of any obligation for the house as well as any taxes since it is not a gift but a bargained for agreement wherein you are getting something for your share of the house.  I would double check with your accountant as to the specifics but I beleive this would be your best avenue, assuming you do not want anything from the house.   

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

You are in a tough predictament.  I would suggest quit claiming your interest in the house to one of your sisters or to both sisters equally so that they each own the house 50-50.  Your sister may have some tax implications on the QC deed, but i cannot imagine that it would break the bank.  I suggest talking to your account as far as gift tax and QC claim tax to get an idea of the amount of money involved.  If you can get your sisters to agree to let you give your interest to your friend or someone that wants to take it on, that may be an option too.  I would talk to your sisters about this before you do anything.


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